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The reason why Terra Luna Classic (LUNC) increased so fast

Surely we have not forgotten the nightmare of the collapse related to UST and LUNA of the past time.

LUNA holders have begged Do Kwon, CEO of Terraform Labs, to burn some LUNA and hope that this will begin to take back the UST’s peg and restore the value of LUNA.

Maybe you are interested: The reason why UST lost its latch

However, Kwon did not do so and decided to go to create another version of Terra and separate the relationship between these two coins, creating Terra 2.0. Accordingly, UST will be changed to Terra Classic USD (USTC) and LUNA will be changed to Terra Luna Classic (LUNC).

On Sunday, the 1.2% burn tax mechanism introduced in LUNC’s bill 3568 passed. This will begin to reduce the current supply of tokens as they go into circulation, which is great news for its loyal holders.

The reason why Terra Luna Classic (LUNC) increased so fast 1
The reason why Terra Luna Classic (LUNC) increased so fast 3

The most recent news about StarShip accepting LUNC as a payment method is said to be the source of the next boom in the current LUNC price. As a result of LUNC’s partnership with StarShip, LUNC will be deployed into the StarShip ecosystem as a form of payment in the StarShip Universe. 1.2% of the total LUNC received for these payments will be burned to reduce the supply.

StarShip is an NFT gaming ecosystem, they recently revealed a trailer showcasing actual in-game footage that is believed to be the biggest metaverse in existence to date. Built on top of the Unreal 5 engine, this new metaverse platform has approximately 32,000 square kilometers of buildable space, increasing the opportunity and potential for future growth.

At the time of writing, LUNC’s market cap is close to hitting the $1 billion mark. Some other coins like USTC also saw growth of more than 300%. Hashtags #LUNC and #LUNA also reached the top trending on Twitter.